比特幣 ETF 現在持有的代幣數量與中本聰的錢包一樣多，這帶來了新的風險

由於 ETF 持有的比特幣數量幾乎與中本聰的錢包一樣多，該機構收購 OG 代幣帶來了新的風險。

US-based Bitcoin ETFs now own over 1 million tokens or almost 5% of the total supply.

美國的比特幣 ETF 目前擁有超過 100 萬枚代幣，幾乎佔總供應量的 5%。

That's close to the sums that have long been stashed away in the wallet of the market's original whale: Satoshi Nakamoto, the mysterious and unknown author of the Bitcoin whitepaper.

這與市場上的原始鯨魚——比特幣白皮書的神秘且不知名的作者中本聰——的錢包中長期藏匿的金額接近。

A Trump ally in the Senate is trying to pass a bill that would sell part of the Federal Reserve's gold to acquire 1 million Bitcoin for the US government's stockpile.

川普在參議院的盟友正試圖通過一項法案，該法案將出售聯準會的部分黃金，以購買 100 萬枚比特幣作為美國政府的儲備。

In business, software company MicroStrategy, owned by Michael Saylor, owns over $38 billion worth of tokens and has been using capital markets to acquire more.

在商業領域，Michael Saylor 旗下的軟體公司 MicroStrategy 擁有價值超過 380 億美元的代幣，並一直利用資本市場收購更多代幣。

Just a short time ago, when Bitcoin was in its infancy and tokens were trading for pennies on the dollar, all anyone interested was a group of young, libertarian techies who wanted to build a decentralised financial system that the government or Wall Street wouldn't control.

就在不久前，當比特幣還處於起步階段，代幣的交易價格僅為一美元的便士時，所有感興趣的人都是一群年輕的、自由主義的技術人員，他們想要建立一個政府或華爾街不會的去中心化金融體系控制。

Now, all of this has changed.

現在，這一切都改變了。

These long-standing institutions are now controlling ever-increasing portions of the Bitcoin market.

這些歷史悠久的機構現在控制著比特幣市場不斷增加的份額。

According to Mark Connors, founder and chief investment strategist at Risk Dimensions, more countries may be prompted to purchase Bitcoin if the United States were to establish a national stockpile of the cryptocurrency.

Risk Dimensions 創辦人兼首席投資策略師 Mark Connors 表示，如果美國建立國家加密貨幣儲備，可能會促使更多國家購買比特幣。

Concentration risk is the sum of all these factors.

集中風險是所有這些因素的總和。

For one, there's a lot of hope that the price will keep going up because of the huge demand, which has been driving it up so far.

一方面，由於迄今為止一直在推動價格上漲的巨大需求，人們對價格繼續上漲抱有很大的希望。

One such argument is that, unlike stock ownership, the Bitcoin blockchain's fundamental architecture makes it impossible for even the largest investors to influence its operations.

其中一個論點是，與股票所有權不同，比特幣區塊鏈的基本架構使得即使是最大的投資者也無法影響其營運。

Both Bitcoin and Ethereum ETFs in the US have seen record-breaking net inflows, fueled by a bullish November. The ETFs collectively recorded over $7.54 billion in monthly net inflows, surpassing the previous high of $6.03 billion set in February for Bitcoin ETFs.

在 11 月多頭市場的推動下，美國的比特幣和以太幣 ETF 的淨流入量均創歷史新高。這些 ETF 的月度淨流入總計超過 75.4 億美元，超過了 2 月比特幣 ETF 創下的 60.3 億美元的歷史高點。

Ethereum ETFs, launched in July 2024, are also gaining traction, with net inflows between November 25 and November 29 reaching $467 million, driven predominantly by BlackRock’s ETHA, which accounted for $300 million.

2024 年 7 月推出的以太坊 ETF 也受到關注，11 月 25 日至 11 月 29 日期間淨流入達到 4.67 億美元，主要由 BerRock 的 ETHA 推動，其中 3 億美元。

Additionally, Ethereum is beginning to close the gap with Bitcoin in the ETF space, as its spot ETFs saw daily net inflows of $332 million, outpacing Bitcoin’s $320 million during the same period.

此外，以太坊正開始縮小與比特幣在 ETF 領域的差距，其現貨 ETF 每日淨流入 3.32 億美元，超過比特幣同期的 3.2 億美元。

Bitcoin ETFs continue to dominate nonetheless, with BlackRock's iShares Bitcoin Trust (IBIT) amassing $48 billion in flows since its launch, followed by Grayscale's GBTC with $20.9 billion and Fidelity's FBTC with $19 billion.

儘管如此，比特幣ETF 仍然佔據主導地位，貝萊德(BlackRock) 的iShares Bitcoin Trust (IBIT) 自推出以來積累了480 億美元的資金流，其次是Grayscale 的GBTC（209 億美元）和Fidelity 的FBTC （190 億美元）。

The broader interest in Bitcoin ETFs comes as the cryptocurrency hovers near $96,000, inching closer to the psychological $100,000 milestone.

隨著比特幣徘徊在 96,000 美元附近，逐漸接近 10 萬美元的心理里程碑，人們對比特幣 ETF 產生了更廣泛的興趣。

"Inflows into ETH ETFs appear to be slowing after a recent surge, and the token's failure to break above $3,700 may signal a potential pullback. BTC ETFs, on the other hand, continue to attract inflows as the crypto edges closer to the critical $100K mark," BRN analyst Valentin Fournier said in a note on Wendesday.

「在最近的飆升之後，流入ETH ETF 的資金似乎正在放緩，該代幣未能突破3,700 美元可能預示著潛在的回調。另一方面，隨著加密貨幣價格接近10 萬美元的關鍵水平，BTC ETF 繼續吸引資金流入馬克，」BRN 分析師 Valentin Fournier 在周三的一份報告中表示。

However, inflows into ETH ETFs appear to be slowing after a recent surge, and the token's failure to break above $3,700 may signal a potential pullback. BTC ETFs, on the other hand, continue to attract inflows as the crypto edges closer to the critical $100K mark.

然而，在最近的飆升之後，流入 ETH ETF 的資金似乎正在放緩，而該代幣未能突破 3,700 美元可能預示著潛在的回調。另一方面，隨著加密貨幣接近 10 萬美元的關鍵關口，BTC ETF 繼續吸引資金流入。

Elsewhere

別處

Blockcast

塊播

In this episode, Takatoshi Shibayama sits down with Jason Choi, general partner at crypto prop shop Tangent, for a candid exploration of crypto markets. Choi discusses meme coin supercycles, navigating macroeconomic headwinds, and the evolution of project evaluation from speculative hype to real-world traction.

在本集中，Takatoshi Shibayama 與加密貨幣道具商店 Tangent 的普通合夥人 Jason Choi 坐在一起，對加密貨幣市場進行了坦誠的探索。 Choi 討論了迷因幣超級週期、應對宏觀經濟逆風以及專案評估從投機炒作到現實世界牽引的演變。

Previous episodes of Blockcast can be found on Podpage, with guests like Peter Hui (Moongate), Luca Prosperi (M^0), Charles Hoskinson (Cardano), Aneirin Flynn (Failsafe), and Yat Siu (Animoca Brands) on our most recent shows.

Blockcast 的前幾集可以在 Podpage 上找到，嘉賓包括 Peter Hui (Moongate)、Luca Prosperi (M^0)、Charles Hoskinson (Cardano)、Aneirin Flynn (Failsafe) 和 Yat Siu (Animoca Brands)。

Events

活動

BRN on Money FM (Singapore, 4 December 5:10pm)

BRN on Money FM（新加坡，12 月 4 日下午 5:10）

BRN analyst Valentin Fournier will be going LIVE with Hongbin Jeong on Money FM Singapore's "The Wealth Tracker" to discuss where Bitcoin is headed.

BRN 分析師 Valentin Fournier 將與 Hongbin Jeong 一起在新加坡 Money FM 的「財富追蹤」節目中直播，討論比特幣的發展方向。

Tune in here at 5:10 pm on 4 December!

12 月 4 日下午 5:10 請收看這裡！

Consensus (Hong Kong, 18-20 February)

共識（香港，2 月 18 日至 20 日）

Consensus is heading to Hong Kong, bringing together the industry’s most important voices from East and West for pivotal conversations and deal-making opportunities.

Consensus 即將前往香港，匯集東西界最重要的聲音，進行關鍵對話和交易機會。

Consensus Hong Kong convenes global leaders in tech and finance to debate pressing issues, announce key developments and deals, and share their visions for the future.

香港共識匯集全球科技和金融領域的領導者，討論緊迫問題，宣布關鍵發展和交易，並分享他們對未來的願景。

Use promo code BLOCKDESK20 at checkout for a 20%

結帳時使用促銷代碼 BLOCKDESK20 可享 20% 優惠